A: The calculation formula of household leverage ratio is: household leverage ratio = loan amount ÷ own funds? 100%, reflecting the proportion of household loans to its own funds. The household leverage ratio is directly proportional to the loan amount and inversely proportional to its own funds. For example, if a family buys a house with a value of 6.5438+0 million, the down payment is 30%, the down payment is 300,000, the loan is 700,000, and the leverage ratio is 700,000 to 300,000? 100%=233%=2.33 times.
Second, what is a bank guarantee? Is it equivalent guarantee or leverage guarantee?
Banks, guarantee companies and other financial institutions
Now everyone always hears the news that the financial machine is deleveraging? In fact, it is necessary to understand what financial leverage is.
As long as you understand what financial leverage is, then you know the regulations of various financial institutions on leverage ratio. How do they use financial leverage? Then the meaning of deleveraging will be solved, and vice versa.
Speaking of leverage, Archimedes, the most famous linguist and physicist, said, "I can pry up the whole earth."
The same is true of financial leverage, and this!
In fact, it is equivalent to multiplying by a coefficient greater than 1, and through this result. For example, the leverage of 1: 10 is to use 1 times the money to do 10 times the time period, and either make more or lose more.
Due to various reasons, such as the different anti-risk ability and capital adequacy ratio of major financial institutions, the state has different regulations on the leverage ratio of different financial institutions. Therefore, these institutions have different regulations on financial leverage.
By the way, the subprime mortgage crisis in the United States is fundamentally the result of leveraged trading by financial institutions.
I. Banks
Basel agreement is the abbreviation of "Unified Standard Agreement". The agreement is the first international standard to measure the adequacy ratio in a weighted way, which effectively curbed the international risks related to the debt crisis.
The Basel Accord clearly stipulates that the proportion of core capital to risky assets shall not be less than 4%. In other words, the maximum leverage ratio cannot exceed 25 times, that is, 1:25.
China Banking Regulatory Commission stipulates that the core capital accounts for at least 50% of the total capital and shall not be less than 6% (from 4% to 6%) of the total risk assets of the paying bank. In other words, the banks in China are twice as big, that is, 1: 17.
Let's take a look at the provisions of the leverage ratio of financing guarantee companies.
According to Article 28 of the Interim Measures for the Administration of Financing Guarantee Companies, the balance of financing guarantee liability of financing guarantee companies shall not exceed 65,438+00 times of their net assets. This means that the maximum leverage ratio cannot exceed 10 times, that is, 1: 10.
For example, if the financing guarantee company is net, the maximum guarantee balance it can provide will guarantee the company, but the total amount shall not exceed 800 million. If it exceeds, it is over-guarantee, which makes the leverage ratio exceed 10 times, which is suspected of illegal behavior.
Why should we strictly control the leverage ratio?
In fact, this is a powerful safeguard. It is an indisputable fact in the industry that the capital chain of guarantee companies is fragile. All small guarantee companies have the same problem except the big guarantee companies supported by banks and the government. Therefore, the upper limit of leverage ratio is set to 1: 10 on the basis of comprehensive consideration of the default rate of secured creditor's rights of financing guarantee companies.
But the reality is that some guarantee companies guarantee that the leverage ratio of P2P is as high as 50 times!
Some insiders have said that the leverage ratio of P2P guarantee is generally 10-30 times, and the highest is 50 times. For those small guarantee companies, as long as one business goes wrong, the company may go bankrupt, especially non-financing guarantee companies.
Except the leverage ratio, the guarantee fee in China is generally 3%-5% of the guarantee amount, and the guarantee fee for P2P platform is generally high, about 10%. Once the guaranteed customer defaults, the guarantee company will compensate 100%.
For example, if a financing guarantee company guarantees 2 million yuan for a P2P platform, it can earn about 200,000 yuan, but once the loan goes wrong, the guarantee company will pay 2 million yuan. Although the guarantee fee is quite large, the risk is also great.
Due to the high bad debt rate, there are not many financing guarantee companies willing to intervene. At present, the vast majority of P2P online loan guarantees are made by small financing guarantee companies and non-financing guarantee companies that lack business.
Third, small loan companies.
What is the law of the leverage ratio of companies (small loan companies)?
According to Article 8 of the Interim Measures for Risk Management of Financing Guarantee Institutions for Small and Medium-sized Enterprises, the maximum amount of guarantee liability provided by a guarantee institution to a single enterprise shall not exceed 65,438+00% of the paid-in capital of the guarantee institution itself; Generally, the balance of the guarantee liability of the guarantee institution shall not exceed 5 times of the paid-in capital of the guarantee institution, and the maximum shall not exceed 65,438+00 times. That is, the maximum value is 1: 10.
Limited by financing leverage, the shortage of funds is a common problem faced by small loan companies. In order to break through financing restrictions, avoid supervision and get more customers, many small loan companies are cooperating with P2P to seek new financing channels.
First, P2P cooperates with third-party small loan companies. The platform is responsible for financing, and small loan companies provide customers with risk control such as pre-loan investigation and post-loan management. The other is that small loan companies directly initiate the establishment of P2P platforms.
But in fact, small loan companies have amplified the loan leverage with the help of P2P model. It is normal for small loan companies to exceed the warning line of 10 times, and the guarantee leverage is too high. Once systemic risks occur, large-scale default will directly drag down these small loan platforms.
Finally, I want to tell you: the leverage ratio is like a seat belt that drivers must wear when driving. You don't wear it for the police, but for your own safety. So whether there is a traffic policeman or a camera on the road, you should wear it before driving every time.
3. What is the financing leverage ratio of 500,000 yuan for margin financing and securities lending?
Generally, the leverage ratio between melting posture and volume is 1: 1. According to this ratio, there will be 1 10,000.
Fourth, the financing leverage ratio of small loan companies.
Hot spot this week: On September 16, the CBRC issued the Notice on Strengthening the Supervision and Management of Companies, proposing that small loan companies should "appropriately raise external financing". The balance of the company's capital through non-standardized financing forms such as bank loans and shareholder loans shall not exceed 65,438+0 times of its net assets; Through the issuance of standardized creditor's rights assets such as bonds and asset securitization products, the balance of funds incorporated shall not exceed 4 times of its net assets. Local financial supervision departments can lower the above-mentioned "upper limit of the proportion of external financing balance to net assets" according to the regulatory needs, which is suspected of being enlarged compared with the external financing leverage of multiples of 0.5, 1 and 2.3 in the Measures for the Administration of Companies promulgated by various places. Local regulatory authorities can only reduce the upper limit of financing ratio that cannot be raised, and at the same time clarify the scope of non-standard financing and standardized financing and their respective leverage ratios. Compared with the financing leverage of factoring companies and financial leasing companies, the financing leverage of small loan companies is still at a low level, which solves the contradiction between their business expansion and financing restrictions to some extent. This week's news: In the primary market, the number of issues in the inter-bank market this week was 12, of which 3 were issued by credit ABS, and the issuance scale decreased compared with last week; ABN*** issued 9 bills, the issuance scale increased compared with last week, and the fluctuation range of spreads narrowed. The exchange released the list of ABS22 enterprises, and the scale of issuance continued to expand. In the secondary market, 25 products were listed on the exchange this week, a decrease from last week; In terms of transactions, 44 ABS securities were traded between banks, and the transaction scale decreased compared with last week. * * * 38 exchanges, the same as last week. In the past two weeks, the one-year and three-year yield to maturity at all levels rose sharply, and the demand for short-term and long-term liquidity at all levels continued to increase. The three-year AAA and AAABS credit spreads have declined, and the credit spreads continue to shrink. 1. Market review 1. This week, the number of issues in the interbank market in the primary market was 12, of which 3 were issued by credit ABS, and the issuance scale decreased compared with last week; ABN*** issued 9 bills, the issuance scale increased compared with last week, and the fluctuation range of spreads narrowed. ABS22 was issued in the market, and the issuance scale decreased compared with last week, and the fluctuation range of interest rate spread narrowed. 2. The secondary market listed 25 products on the exchange this week, an increase from last week; In terms of transactions, 44 ABS securities were traded between banks, and the transaction scale decreased compared with last week. There were 38 transactions, and the transaction scale was the same as last week. According to the valuation data of China Bond, in the past two weeks, the yield to maturity at all levels 1 year and 3-year increased significantly, and the demand for long-term and short-term liquidity at all levels continued to increase. Among them, AAA and AA both increased by 5.55bp in one year, and the three-year yield increased by 1.8 1bp and 0.52bp respectively. By September 17, 2020, the AAA returns of 1 year and 3 years are 3.2 154% and 3.6477% respectively, and the AA returns of 1 year and 3 years are 3.8483% and 4.5569% respectively, of which 1 year and 3 years are. Two. Next week, it is planned to issue eight asset-backed notes/securities in the inter-bank market next week, with the issuance scale of 170438+0 billion yuan. The basic assets are supply chain, housing mortgage loan, non-performing assets reorganization and personal consumption loan. Iii. Market Hotspots On September 6, 2020/KLOC-0, the CBRC issued the Notice on Strengthening the Supervision and Management of Companies (hereinafter referred to as the Notice), which put forward four items and 28 articles, and elaborated them from the aspects of business operation, management, supervision and management, and support. Among them, the biggest difference from the previous policy lies in the financing of small loan companies, and it is proposed that small loan companies should "moderately raise external financing". The balance of the company's non-standardized financing forms, such as bank loans and shareholder loans, shall not exceed 65,438+0 times of the loan balance of 2065,438+07,65,438+02,65,438+0. The Office of the Leading Group for the Special Remediation of Internet Financial Risks of the Central Bank and the Office of the Leading Group for the Special Remediation of P2P Online Loan Risks of the China Banking Regulatory Commission jointly issued Notice No.,clearly stating that "the funds included in the name of credit asset transfer and asset securitization shall be combined with on-balance-sheet financing, and the ratio of total financing to net capital after combination shall be temporarily implemented according to the current local ratio. All localities shall not further relax or relax the provisions on the proportion of company funds in disguised form. "A large number of off-balance-sheet financing businesses of some companies have entered a compression cycle. Through upward communication and supervision, the overall leverage limit has been relaxed. At the same time, some Internet business models have also changed. Lending by companies-transferring loans for off-balance-sheet financing, the channels for obtaining customers and technical support have changed, and financial institutions have been introduced to lend. The notice issued by the CBRC this time is suspected of being enlarged compared with the previous pilot management policy only from the perspective of leverage ratio 1/4/5. However, it is clear that "local financial regulatory authorities can lower the above-mentioned upper limit of external financing balance and net assets ratio according to regulatory needs", that is, local regulatory authorities can only lower the upper limit of financing ratio but not raise it, and at the same time, it is clear about the scope of non-standard financing and standardized financing and their respective leverage ratios. Compared with the financing leverage of factoring companies and financial leasing companies, the financing leverage of small loan companies is still at a low level, which solves the contradiction between their business expansion and financing restrictions to some extent. Related questions and answers: